Chimera Investment (CIM) to Halve Management Fees; Updates on 10-Q Filing

November 28, 2012 5:14 PM EST
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Chimera Investment's (NYSE: CIM) Board of Directors also announced that they have agreed with the Company’s manager, Fixed Income Discount Advisory Company, to reduce the management fee to 0.75% from 1.50% per annum. The reduction is effective as of November 28, 2012, and will remain in effect until the Company is current on all of its filings required under applicable securities laws.

The Company had previously announced that it would delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2011, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012, and September 30, 2012. The Company announced that its previously filed Annual Reports on Form 10-K for the years ended December 31, 2010, 2009 and 2008, and the Quarterly Reports on Form 10-Q beginning with the quarter ended September 30, 2008, and for all subsequent quarters through the quarter ended September 30, 2011, will be restated and can no longer be relied upon.

The restatement is not expected to affect the Company’s previously announced GAAP or economic book values, actual cash flows, dividends and taxable income for any previous period. The Company is currently unable to estimate the timing for filing its 2011 Form 10-K, and expects to file its Form 10-Q for the quarter ended March 31, 2012, within 60 days after it files its 2011 Form 10-K and any subsequent unfiled Quarterly Reports will be filed as soon as practicable.

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